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The Warsaw Voice » Business » December 4, 2017
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Economists on GDP growth
December 4, 2017   
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Monika Kurtek
Poland's hefty Q3 GDP growth of 4.9% year on year beat the market expectations while failing to deliver satisfactory investment growth, economists comment for the dailies Puls Biznesu and Gazeta Wyborcza. The modest 3.3% year on year increase in investments was mostly due to the acceleration on the side of local governments, counterbalanced by stagnation among private entrepreneurs, Credit Agricole's chief economist Jakub Borowski and his Bank Pocztowy's counterpart Monika Kurtek agree.
Companies' reluctance to invest was caused by law instability, tax uncertainties and unfriendly regulations, according to Warsaw School of Economics SGH's Maria Drozdowicz-Biec.
Household consumption, supported by the "500+" family support program, remains the main contributor to the GDP growth, Kurtek adds.
A GDP structure with consumption dominating investments is conducive to inflation, mBank economist Marcin Mazurek warns. The GDP data and the fresh November CPI flash estimate of 2.5%, on a par with the central bank's inflation target, might result in a rise in hawkish sentiments within Poland's MPC, Kurtek concludes.
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